U.S. Virgin Islands law & politics

Category Archives: Real Estate

By Tom Bolt on March 13, 2015 Posted in Real EstateDue to frustrations with the foreclosure process, Kennedy Funding Financial, a prominent international lender with a sizable footprint in the Caribbean region, has decided to stop lending in the U.S. Virgin Islands for an undetermined amount of time. Considerable bureaucratic red tape has made it increasingly difficult to take action on properties with tenants who… Continue Reading

By Tom Bolt on January 9, 2015 Posted in Real EstateThe process of buying a home in the U.S. Virgin Islands often comes with uncertainty and emotional ups-and-downs, as well as numerous questions and concerns related to mechanics of a closing in “America’s Paradise” and the financial aspects of the transaction. So when it’s finally time to close the deal, it might be tempting to… Continue Reading

By Tom Bolt on October 28, 2014 Posted in Corporate & Financial Services,Government Relations,Real EstateA bill recently passed in the U.S. Virgin Islands Legislature would allow the Government of the Virgin Islands to guarantee up to $20 million of hotel developers’ leases for up to 25 years, a move that supporters cheered as a boon to the islands’ economic development. Under the legislation, the Public Finance Authority would have… Continue Reading

By Tom Bolt on August 11, 2014 Posted in Real EstatePartitioning real property (as opposed to personal, financial or intellectual property) is a fairly common process that occurs when a piece of real estate, such as a building, an estate or a parcel of land, has multiple owners who no longer wish to have co-ownership. The property then has to be divided. Often, not all… Continue Reading

By Tom Bolt on April 21, 2014 Posted in Real EstateThere are a number of benefits to investing in residential real estate in the U.S. Virgin Islands, including strong profits, ongoing supplemental income and the access to credit these properties provide. However, there are a few legal considerations you should understand before deciding to make your first investment in residential property in the islands. The… Continue Reading

By Tom Bolt on March 6, 2014 Posted in Real EstatePurchasing a commercial property can be a great investment, with the potential to earn you a sustained income now and in the years ahead. However, there are some key legal and financial issues to consider before moving ahead with your purchase. The following are four of these issues: 1. Determining the property’s value First and… Continue Reading

By Tom Bolt on February 26, 2014 Posted in Real EstateIn January, the FBI arrested Rosemary Sauter-Frett, also known as Rosemary Sauter, a realtor accused of fleeing the U.S. Virgin Islands to escape prosecution for embezzlement. She had been on the run for nearly four years. Now 62 years old, Sauter allegedly fled the Virgin Islands in February 2010 after checks began to bounce in… Continue Reading

By Tom Bolt on January 6, 2014 Posted in Real EstateFor many business owners and investors, owning real estate is a key component of their operations. However, the specific requirements involved with owing property in the U.S. Virgin Islands can be complicated. For one, owning real estate isn’t like owning personal property, as the owner(s) must have title to the property. Furthermore, transferring the title… Continue Reading

By Tom Bolt on January 2, 2014 Posted in Real EstateA “statute of limitations” is a law that places a time limit on when a claim can be brought. These time limits are designed to prevent fraudulent and stale claims from arising after the passage of time or the defective memory, death, or disappearance of witnesses. The statute of limitations is a defense that is… Continue Reading

By Tom Bolt on September 9, 2013 Posted in Real EstateThis case stemmed from the tax sale of property known as “No. 5 Estate Sans Souci and Guinea Gut, No. 9 & 10 Cruz Bay Quarter, St. John, United States Virgin Islands.” (the "St. John Property”) in which Chief Justice Curtis V. Gomez of the District Court of the Virgin Islands, Division of St. Thomas… Continue Reading

By Tom Bolt on July 27, 2013 Posted in Real EstateIn the case of Modern Construction, Inc. v. Carty, 2013 WL 2996549 (V.I.Super. June 13, 2013), the plaintiffs argued that they didn’t enter into a valid contract for the sale of land and that there was no agreement. Even if there was a binding contract, they stated that it was oral and in violation of… Continue Reading

By Tom Bolt on July 21, 2013 Posted in Litigation,Real EstateJames S. Carroll III, Judge of the Superior Court of the Virgin Islands was asked to settle a real estate dispute that originated in 2002. The Defendant Basil Bryan agreed to sell Parcel No. 17–5C, Estate St. Peter on St. Thomas, U.S. Virgin Islands, to the Plaintiff, Nancy Anderson. The parties also agreed that Ms. Anderson would receive an… Continue Reading

By Tom Bolt on May 25, 2013 Posted in Real EstateVirgin Islands Attorney General Vincent Frazer issued an opinion to Lieutenant Govenor Greg Francis on May 17, 2003 relative to the status of tax exemptions on real property transfers in the Territory. The specific question posed by Lt. Governor Francis was whetther a conveyance of real property to or from a trust for the benefit… Continue Reading

By Ronald R. Pennington on June 18, 2012 Posted in Real EstateThe Virgin Islands Housing Management, Inc. (VIHM), together with Reliance Housing Foundation recently announced the long awaited onset of the demolition and new construction redevelopment phase of the Emergency Housing Hospital Ground Apartments on St. Thomas, U.S. Virgin Islands. Ronald R. Pennington, Chair of the BoltNagi PC’s Real Estate & Financial Services Practice Group served as counsel… Continue Reading

By Ronald R. Pennington on June 14, 2012 Posted in Real EstateIf you are currently considering selling and acquiring property of similar value, perhaps a 1031 exchange is right for you. A 1031 exchange differs a typical real estate sale because the property is considered to be exchanged instead of sold. Partial exchanges also qualify and receive partial tax-deferred treatment. One of the main advantages of… Continue Reading

By Ronald R. Pennington on May 25, 2012 Posted in Real EstateInterest rates are at or near historical lows while at the same time only a limited number of Virgin Islands financial institutions are providing financing for commercial real estate, even to long time creditworthy customers with long histories of investing in commercial real estate. At BoltNagi PC we have seen financial institutions of all sizes… Continue Reading

By Ronald R. Pennington on March 4, 2012 Posted in Real Estate In the current down economy, as government and private sector employees continue to lose their jobs, many are worried about losing their homes too. To help, U.S. Virgin Islands Delegate to Congress Donna Christensen has aggregated multiple federal programs to help people stay in their homes. "Several homeowners have called or emailed my office asking about federal… Continue Reading

By Ronald R. Pennington on July 28, 2011 Posted in Real EstateOne of the first recommendations that the BoltNagi Real Estate & Financial Services Group makes to a purchaser of real estate is to obtain a survey and “walk the land”. For just about any real estate purchase, your real estate attorney’s standard advice will be to "get a survey, get a survey, and get… Continue Reading

By Ronald R. Pennington on April 2, 2011 Posted in Real Estate With the continuing tight credit markets and potential buyers still having difficulty obtaining financing, sellers of property in the Virgin Islands may consider providing financing to the buyer. This is typically achieved with either an installment sales contract or a traditional note and mortgage.… Continue Reading

By Ronald R. Pennington on January 3, 2011 Posted in Real Estate Often time buyers and/or sellers enter into a contract for the purchase of real estate without fully considering the ramifications. Whether pushed by their own financial situation or other outside factors, a person hastily entering in to a contract without fully understanding their rights and obligations can lead to unforeseen consequences.… Continue Reading

By Tom Bolt on October 29, 2010 Posted in Real EstateVirgin Islands landlords receving $600 or more annually in rent from real estate will be required to file Form VI-1099 with the Virgin Islands Bureau of Internal Revenue (BIR) and with their tenants. They will also have to send Form VI-1099’s to the BIR for all service providers such as plumbers, electricians, handymen, accountants, etc. for… Continue Reading

By Tom Bolt on October 11, 2010 Posted in Real EstateOn September 29, the U.S. Congress voted to extend higher loan limits for government-backed mortgages in the U.S. Virgin Islands and other high cost areas, a move that should help keep borrowing costs low and support the housing sector. At the height of the financial crisis in 2008, the government raised the ceiling on the… Continue Reading

By Ronald R. Pennington on September 17, 2010 Posted in Real Estate Buying a home in the U.S. Virgin Islands can be a time-consuming process. However, home ownership can also be very rewarding. The purchase of a new home is often times the largest single purchase that an individual will make in their lifetime. Consequently, the right amount of planning and preparation can reduce your stress and make… Continue Reading

By Cheryl Rink on August 13, 2010 Posted in Real EstateThe St. Thomas law firm of BoltNagi PC is pleased to announce that Attorney Ronald R. Pennington has joined the firm and serves as Chair of the Real Estate & Financial Practice Group, he specializes in commercial real estate, real estate development, corporate transactions, finance and banking.… Continue Reading